Arizona, joining other pro-Bitcoin states, is embracing the cryptocurrency by considering it for the state’s retirement system. The Arizona Senate has proposed a resolution to explore the potential inclusion of recently-approved Bitcoin ETFs in the state’s retirement investment tools.
Arizona has previously demonstrated its openness to technological advancements by introducing a bill in January 2023 to allow the state to accept tax payments in cryptocurrency.
The recent bill urges the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to evaluate the feasibility, risks, and benefits of adding exposure to Bitcoin ETFs in their investment portfolios. It also calls for a comprehensive report detailing options and recommendations for safely investing in digital asset ETFs, to be submitted to key state officials.
ARIZONA SENATE PASSES RESOLUTION TO CONSIDER ADDING THE #BTC ETF TO AZ STATE PENSIONS.
Once passed this Resolution will ask State pension fund managers and State Treasures to study the #Bitcoin ETF.
Thank you to @JakeHoffmanAZ for leading this effort and for ensuring AZ…
— Dennis Porter (@Dennis_Porter_) March 6, 2024
Dennis Porter, CEO of the Satoshi Action Fund, views the resolution as a strategic move to enhance portfolio diversification and reduce investment risk. He believes that considering Bitcoin ETFs allows Arizona to leverage Bitcoin’s inherent value and potential stability, similar to traditional safe-haven investments like gold. Moreover, adding Bitcoin ETFs could effectively mitigate risks within an asset portfolio, countering skepticism surrounding Bitcoin.
Despite the volatility of cryptocurrencies, they present an intriguing diversification tool due to their decentralized nature and potential for high returns. Exchange-traded funds backed by Bitcoin offer unique advantages for retirement planning, providing a balanced approach that combines both traditional and digital assets to improve overall risk management.
The post Bitcoin ETFs considered for Arizona state retirement portfolios appeared first on Koinreport.
